Portuguese Mortgage Landscape
Though the Portuguese mortgage landscape might appear intimidating initially, it is less complicated than it appears.
In Portugal, there are a few key factors that determine your eligibility for a mortgage. Are you earning a consistent income or receiving a regular pension? Is your credit score looking healthy? Are you over the bank's set age limit? If you can check these boxes, you’re off to a good start!
The golden rule is to keep your total monthly expenses within 30 to 35 percent of your net monthly income.
The Portuguese real estate market has shown a strong recovery in recent years, with property prices steadily on the rise. When it comes to choosing a mortgage, you have two main routes to explore. You have the option to approach a bank directly for a mortgage.
Alternatively, you can also seek the assistance of an independent mortgage broker. Regardless of your choice, scrutinizing the interest rates and assessing any extra costs associated with the loan is paramount. With the right guidance, you’ll find your way through the Portuguese mortgage market with ease.